- Citi eyes commodities unit sell-off
- Hedge funds win Church of England blessing
- Fed Frets About Commercial Real Estate
- Wall Street Regulation Won’t Be Completed This Year, Bair Says
- Gold Prices Hit New Record High
- Keeping Warm Looks Cheaper This Winter
- ING Said to Sell Swiss Unit to Baer for $500 Million
- Office Rents Dive as Vacancies Rise
- Microsoft Concessions May Settle EU Antitrust Cases
- The Economist to restrict free online access
- Canada’s National Post files for bankruptcy
- Amazon.com takes Kindle global, lowers U.S. prices
- Calorie labeling doesn’t curb NYC fast food habits
- Versace quits Japan after 30 years
Citi eyes commodities unit sell-off – Financial Times
Citigroup is working on a sale of its controversial commodities unit in a move that could raise hundreds of millions of dollars and deflect political anger over a potential $100m pay-out for its star trader Andrew Hall.
People close to the situation said that, after debating options such as divesting part of the unit, called Phibro, opening it up to outside investors or spinning it off, Citi’s executives favoured a complete divestment of the commodity trading division…..
Hedge funds win Church of England blessing – Financial Times
….In a letter to the House of Lord’s EU select committee, the church commissioners – the custodians of its ancient wealth – raised “serious concerns” about plans from the European Union to regulate hedge funds.
“We are concerned that the directive as currently drafted will significantly restrict our ability to generate funds to pursue our charitable missions and thus reduce our impact for public good,” said the letter….
Fed Frets About Commercial Real Estate – Wall Street Journal
Banks in the U.S. “are slow” to take losses on their commercial real-estate loans being battered by slumping property values and rental payments, according to a Federal Reserve presentation to banking regulators last month.
The remarks suggest that banking regulators are girding for a rerun of the housing-related losses now slamming thousands of banks that failed to set aside enough capital during the boom to cushion themselves when the bubble burst. “Banks will be slow to recognize the severity of the loss — just as they were in residential,” according to the Fed presentation, which was reviewed by The Wall Street Journal…..
Wall Street Regulation Won’t Be Completed This Year, Bair Says – Bloomberg
The U.S. Congress won’t approve an overhaul of Wall Street regulation this year because lawmakers disagree on the plan and need time to weigh proposals, Federal Deposit Insurance Corp. Chairman Sheila Bair said.
“I really don’t think anything is going to happen this year, certainly not a bill becoming law,” Bair said today in a question-and-answer session at a dinner in New York honoring women in banking. “I think we’ll see a lot of activity hopefully in the first quarter of next year.”….
Gold Prices Hit New Record High – Wall Street Journal
…Traders said gold could easily break above $1,050 per troy ounce, and possibly even extend the rally to $1,100 an ounce in the near-term.
Spot gold was trading at $1,047 an ounce, up 0.6% for the day. It hit a record high of $1,048.25 an ounce…..
Keeping Warm Looks Cheaper This Winter – Wall Street Journal
U.S. households will pay 8% less in heating-fuel costs this winter as a result of slumping energy prices, the Energy Information Administration said Tuesday.
Average household expenses for space-heating fuels will be $960 from Oct. 1 to March 31, $84 less than last winter, the EIA predicted. Space-heating fuels include natural gas, propane, electricity and heating oil…..
ING Said to Sell Swiss Unit to Baer for $500 Million – Bloomberg
ING Groep NV, the biggest Dutch financial services company, plans to sell its Swiss private- banking unit to Julius Baer Group Ltd. for about $500 million, two people familiar with the matter said.
Amsterdam-based ING plans to announce the deal as early as today, one of the people said, declining to be identified because the talks are private. ING is also seeking a buyer for its Asia private banking operations, according to people with knowledge of the company’s plans…..
Office Rents Dive as Vacancies Rise – Wall Street Journal
Rent for office space is falling at the fastest pace in more than a decade as vacancies create a glut and landlords slash prices to attract tenants.
Nationwide, effective office rents fell 8.5% in the third quarter compared with the same period a year ago, the steepest year-over-year decline since 1995, according to Reis Inc., a New York real-estate research firm…..
Microsoft Concessions May Settle EU Antitrust Cases – Bloomberg
Microsoft Corp., the world’s largest software maker, made concessions to settle two European Union antitrust trust cases by agreeing to give consumers more information about Web browsers and about how competitors’ products work with the company’s Word and Excel programs.
The proposed accord addresses EU concerns that computer users didn’t have “an effective and unbiased choice between Internet Explorer and competing Web browsers,” the European Commission said in a statement. Microsoft’s operating system would present users with a screen explaining Web browsers and include a choice of rival browsers, the EU said…..
The Economist to restrict free online access – Financial Times
The Economist on Tuesday announced plans to restrict the number of articles its readers can access online for free in the latest sign that publishers are rapidly moving towards charging for online content.
Non-subscribers of Economist.com currently have access to articles published in the last 12 months, but from the middle of October any article older than 90 days will be put behind a pay wall where they will only be available to subscribers…..
Canada’s National Post files for bankruptcy – Financial Times
The National Post newspaper, started by Conrad Black, the now-imprisoned former proprietor of the UK’s Daily Telegraph, on Tuesday filed for bankruptcy protection along with several other businesses now owned by Canwest Global Communications, a Canadian media group burdened by C$4bn ($3.8bn) in debt.
The affected properties, accounting for 30 per cent of Canwest revenues, also include a dozen other daily newspapers in Canada’s main cities and the Global television network……
Amazon.com takes Kindle global, lowers U.S. prices – Reuters
Amazon.com Inc is introducing Kindle, its wireless electronic reader, in over 100 countries, including China and most of Europe, intensifying a battle for the burgeoning digital book market.
The move, announced on Tuesday, gives the world’s largest online retailer the widest global reach among its competitors, including chief rival Sony Corp.
The Kindle will sell for $279 in other countries…..
Calorie labeling doesn’t curb NYC fast food habits – Reuters
A rule that requires New York City fast food restaurants to post calorie information on their menu boards has not changed consumer habits in low-income neighborhoods, according to a study published on Tuesday.
While half of consumers surveyed said they noticed the labeling, and about a quarter of those said they made different choices as a result, a review of fast food purchases showed habits remained the same, said the study, published in the journal Health Affairs…..
Versace quits Japan after 30 years – Financial Times
Gianni Versace, the favoured brand of celebrities such as Elton John and Jennifer Lopez, is pulling out of Japan after nearly 30 years – highlighting the depth of the consumer slump in one of the world’s largest luxury markets.
The Italian fashion house has closed all four directly owned shops in Japan and is expected to shut its Tokyo business office at the end of the month…..
Tags: Citigroup, Compensation, Energy, Fed, Gold, Hedge funds, Media, Microsoft, Real Estate
